Just an update on the status of the current underwriting guidelines with regards to foreclosure bailout loans or loans where a NOD (Notice of Default) has been filed:

If there is a pay history problem and there has been an NOD filed, on residential OR commercial property, we will knock the maximum LTV we will be able to reach down to 65%. The borrower’s income will also need to be verified via tax returns and/or VOD/VOE, etc. There may also be other items that will be looked at with greater scrutiny.

[tags]Hard Money Lender, Guidelines, Bailout Loan, NOD[/tags]